https://www.taxtmi.com/caselaws?id=291751 An acknowledged liability shown in balance sheets and a balance confirmation letter was treated as sufficient to establish default for a section 7 Insolvency and Bankruptcy Code application. The tribunal found that the absence of later balance sheets did not displace the financial statements on record, which were accepted as true and correct. On that basis, the application was considered complete, within limitation, and maintainable, leading to admission and commencement of the corporate insolvency resolution process with confirmation of the proposed interim resolution professional. en-us Mon, 09 Dec 2019 00:00:00 +0530 Tue, 24 Nov 2020 09:38:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=291751 An acknowledged liability shown in balance sheets and a balance confirmation letter was treated as sufficient to establish default for a section 7 Insolvency and Bankruptcy Code application. The tribunal found that the absence of later balance sheets did not displace the financial statements on record, which were accepted as true and correct. On that basis, the application was considered complete, within limitation, and maintainable, leading to admission and commencement of the corporate insolvency resolution process with confirmation of the proposed interim resolution professional. Case-Laws Insolvency and Bankruptcy Mon, 09 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=291751